Christmas carol as Econ 101
It’s time once again for PNC Advisors’ CPI: “Christmas Price Index,” that is. Buying all the gifts in the song “The Twelve Days of Christmas”: $66,334. Realizing that these days most people can get through the holidays without eight maids a-milking (ah, if only True Love had a wishlist, ahem): priceless.
In 1984, after all the receipts were added up, the cost of “The Twelve Days of Christmas” would have set you back $12,623—the goods alone accounting for 62 percent of your total bill. Today, the numbers tell a different story. The total cost has climbed to $17,297, a 1.6 percent annualized increase over 20 years, but services now account for 74 percent of the index, indicating a steady rise in the cost of skilled labor while the price of two turtle doves and three French hens may be a little easier on your wallet.
Every year since 1984, PNC Advisors has provided a tongue-in-cheek economic analysis, based on the cost of goods and services purchased by the True Love in the holiday classic, “The Twelve Days of Christmas.”
Check it out. It’s a fun little read, and resembles statistical articles we abstract at work. It might go like this:
12 DAYS OF CHRISTMAS: ANNUAL PNC “CHRISTMAS PRICE INDEX” SHOWS COSTS OF GOODS ON THE DECLINE, SERVICES ON THE RISE
Presents data on prices of gifts given in Christmas song “The Twelve Days of Christmas,” by item, and for purchase through traditional means vs Internet, various years 1984-2004.
Includes 1 table.
Subjects: Consumer prices and price indexes; Vacations and holidays; Electronic commerce; Music
Category breakdowns: By commodity
Yeah, we’re nerds.
